Think my spouse royally messed up

[Anonymous]

We are thinking about getting a mortgage.  He thought to free up some money for a downpayment and moving to put his student loans into whatever category it is where you don't have to pay for three months and then get back on track.  I know those are not considered "Late" but doesn't that look bad to a mortgage underwriter?  I'm so upset.

He did this just yesterday and we are both wondering if there is anyway to "turn off" the three months free thing and just go back to paying each monthly payment so it will report that he is making payments.  

Just so frustrated he does things without talking to me first.  Does anyone know if you can cancel the three months "hardship" since he just did it yesterday and go back to them drafting our account for the payments so it reports that he makes a payment every month?

thank you!

ps-I wasn't sure if this was supposed to go under the student loan, mortgage or relationships and money forum.

[calyx]

It sounds like your spouse got a forebearance (deferment is the other -similar- option with some student loans).  You should be able to call/contact the servicer and have it removed without issue.

Don't stress, forebearance isn't uncommon or unusual and this should be a very easy fix.

[Shooting-For-800]

If that is your biggest complaint, he is a keeper.

Read the thread about the husband who took out four 99% apr high risk loans secretly....

[brandonm]

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@Shooting-For-800 wrote:

If that is your biggest complaint, he is a keeper.

Read the thread about the husband who took out four 99% apr high risk loans secretly....

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Sounds like a good read. Would you happen to have a link? I couldn't find it using search.

[Anonymous]

Student loans in forbearance can actually kill a mortgage, believe it or not.  It depends on the type of loan and the lender.

Under new Freddie guidelines, loans in forbearance will be calculated for DTI purposes as 1% of the total loan debt per month if the current monthly payment on his credit report shows as $0. IOW, the lender will make believe that your monthly loan payment is 1% of your total loan balance.

Fannie is more lenient.

It’s complicated, so you will want to get with an experienced lender who knows how to work with student loans.

https://www.quickenloans.com/blog/changes-freddie-mac-fha-student-loan-guidelines

[Anonymous]

I would just request that they reverse it. This may need to be done in writing. I know that if you do ain in-school deferment, in order to cancel it you have to do an in-school deferment cancellation request and you can only do it once, ever.
Ask them for the complete details of undoing it. Additiinally some types of loans do view plans like standard repayment vs IDR plans differently. There's a thread from the mortgage topic I can give you a link to if you would like a detailed explanation.